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Make a Tax-Free Gift with an IRA
Did you know that you may be able to give to St. Theresa Church and save money at the same time? There are different options depending on your age.
Age 70.5 or Older
If you are 70.5 years or older, you may be able to give an amount (up to $100,000) each year from your IRA directly to St. Theresa Catholic Church without having to pay taxes on the money. This is a popular form of giving that is sometimes referred to as the IRA charitable rollover, or the qualified charitable distribution (QCD).
Additional Benefits for Those 72 or Older
- When you turn 72, the transferred funds may begin counting toward your required minimum distribution (RMD) so you do not pay income taxes on the gift.
- The funds transferred to charity do not qualify for a charitable deduction, but they may become exempted from taxable income whether or not you itemize deductions.
- Lowering your taxable annual income level could also result in lower Medicare premiums and the amount of Social Security subject to taxes.
- Your disbursement must come directly from the administrator of your IRA to the parish. You cannot receive the funds first. Please contact the administrator of your IRA with any tax or account-specific questions.
Additional ways to use your IRA to make a gift:
Did you know that leaving your qualified retirement account may be the most expensive asset to leave your children? Unlike individuals, St. Theresa’s does not have to pay income taxes on inherited IRA’s, so the full amount that you direct to us through a beneficiary designation would further the mission of your church family. This is often a very easy way to make a substantial gift as it only takes the completion of a form that your account administrator may provide for you.
Important Step: It is critically important that you contact the parish and let us know of your gift. This is because many retirement plans do not notify the charity of a gift designation. We will monitor the situation to be sure that your plans for giving are indeed followed. Plus, we want to be able to thank you for your generous gift.
To make a gift from your IRA, please follow these steps:
- Seek the advice of your financial or legal adviser if necessary.
- Determine the gift you would like to give.
- Contact Geneva Moore in the business office of St. Theresa Catholic Church. 512-451-5121 x1003 or geneva@sttaustin.org to inform the parish of your intended gift.
- Ask your IRA administrator about making a direct transfer to the parish or have the administrator send a check from your account to the parish directly. Remember, to be tax free the donation must be made directly from your IRA account to the parish and not pass through your hands.
- Please review these Instructions for a QCD Gift to St. Theresa Church. (link to PDF)
Your IRA Administrator will need this information:*- Legal name: St. Theresa Catholic Church
- Legal address: 4311 Small Dr., Austin, TX 78731
- Federal Tax ID Number: 23-7061377
*This information can also be given to your IRA administrator to make St. Theresa the beneficiary of your IRA or to make a gift from your estate.
Thank you for your generosity to the mission of
St. Theresa Catholic Church to make disciples for Christ!
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. If you have any questions about how your giving may impact your finances, please consult a tax, legal or accounting advisor before engaging in any transaction.